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Mr. Balmukund Acharya, Proprietor of Laxmi General Supply Company Vs. ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 45, 139, 142(1), 143, 143(1), 143(1B), 143(2), 143(3), 144, 156, 234, 246, 246(1), 246(2), 260A and 264; Direct Tax Laws (Amendment) Act, 1987; Finance Act, 1999; Constitution of India - Article 265

Reported in : 2009(111)BomLR462; (2009)221CTR(Bom)440; [2009]310ITR310(Bom); [2009]176TAXMAN316(Bom)

in question is 1995-96. The explanation, which was on the statute upto 1.6.1999 till its omission by the Finance Act, 1999 if read in the light of Clause 37 and the memo explaining the provision in Finance Bill 1994 … sale of premises of the Appellant and failed to appreciate that the Capital gain was not taxable under Section 45 of the Act as the premises which was sold by the Appellant had not cost the Appellant anything

The Commissioner of Income Tax and Vs. Brindavan Beverages Ltd.

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(14), 2(19AA), 2(42C), 41[2], 45, 48, 50B, 80IA(4), 80IB(4), 80IB(5), 80HHC, 80HHC(3), 80HHC(3A), 80HHC(4), 80HHC(4A), 115A, 115B, 115BB, 115C, 115J, 115JA, 115JA[1], 115JA[2], 115JA[4], 115JB, 143(2), 161[1A], 164, 164A, 207, 208, 209, 209[1], 210, 211, 215, 234, 234A, 234B, 234C, 234G, 254(2) and 260A; Finance [No. 2] Act, 1996; Finance Act, 1997; Finance Act, 1998; Finance Act, 1999; Finance Act, 2000 - Sections 2; Companies Act, 1956 - Sections 210; Sick Industrial Companies (Special Provisions) Act, 1985 - Sections 3(1) and 17(1); Constitution of India - Article 141

Reported in : (2010)228CTR(Kar)1; [2010]186TAXMAN233(Kar)

in Sub-section 42-C of Section 2 of the Act only with effect from 1-4-2000, as inserted by the Finance Act 1999 and which reads as under:2(42-C) 'Slump sale' means the transfer of one or more undertakings as a result … asset that the expenditure incurred for effecting the transfer is not ascertainable and thereby the charging section i.e. Section 45 of the Act failing due to impossibility of computing the capital gains in terms of Section 48 of

Pnb Finance Ltd. Vs. Commissioner of Income Tax-i, New Delhi

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 41(2), 45, 48, 49, 50, 55(2) and 256(1); Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; Finance Act, 1999 - Sections 50B

Reported in : [2008]307ITR75(SC); JT2008(12)SC493; 2008AIRSCW7755

cost of acquisition.5. Incidentally, it may be noted that by an amendment to Section 50B inserted by the Finance Act, 1999 w.e.f. 1.4.2000, cost of acquisition is now notionally fixed in case of 'slump' sale. Under the said arrangement, … of Banking Undertaking on the facts and circumstances of this case gave rise to taxable capital gains under Section 45 of the 1961 Act.3. Punjab National Bank Ltd. was set up in 1895 in an area which now

Premier Automobiles Ltd. Vs. Income Tax Officer and anr.

Court : Mumbai

Subject : Direct Taxation

Acts : Finance Act, 1999; Income Tax Act, 1961 - Sections 2(14), 2(42C), 45 to 50, 55 and 230A

Reported in : (2003)182CTR(Bom)202; [2003]264ITR193(Bom)

'slump sale' under Section 2(42C) was not there as that definition came on the statute book only under Finance Act, 1999, w.e.f. 1st April, 2000. The concept of slump sale initially was evolved under judge-made law which has been … there was a slump sale of the Kalyan undertaking then the transaction will have to be processed under Section 45 in which event, the AO will have to decide whether any cost to be attributed to the Kalyan

Commissioner of Income-tax and anr. Vs. Reading and Bates Exploration ...

Court : Uttaranchal

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(45), 4, 4(2), 5(1), 9, 9(1), 191, 192, 208, 209(1), 234B and 260A; Finance Act, 2001; Finance Act, 1999; Finance Act, 1983; Indian Income Tax Act

Reported in : (2005)198CTR(Uttranchal)670; [2005]278ITR47(Uttaranchal)

justified in directing the Assessing Officer to charge interest under Section 234B which also stands amended by the Finance Act, 2001, with retrospective effect from April 1, 1989 ?'4. Heard learned counsel for the parties and perused the … held, vide order dated March 25, 1992, in I, T. A. No. 5649/Delhi of 1992, dated July 28, 1999, in I. T. A. No. 1079/Delhi of 1991, dated January 24, 2000, in I. T. A. No. 411/Delhi

industrial Machinery Associates Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2002)81ITD482(Ahd.)

beyond the purview of taxation under Section 45. The learned counsel argued that Section 50B introduced by the Finance Act, 1999 w.e.f. 1st April, 2000 brought the transaction of slump sale within the purview of capital gains under Section

Coromandel Fertilisers Limited Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (2004)90ITD344(Hyd.)

has brought in the necessary amendment under Section 43(6) (c) (i) (C) with effect from 1.4.2000 by the Finance Act, 1999. Section 43(6) (c) (i) (C) provides for the decrease, in a slump sale, of the w.d.v. of the assets … rate, so far as the applicability of the provisions of Section 50 in centra-distinction to the applicability of Section 45 is concerned, it is the ratio of the Apex Court in the case of B.M. Kharwar (supra) that

Assistant Commissioner of Income Vs. Asea Brown Boveri Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2007)11TTJ(Mum.)502

that Section 50B has retroactive effect is not correct. According to him, Section 50B was introduced by the Finance Act, 1999 w.e.f. 1st April, 2000. According to him, the Notes on Clauses, the Memo Explaining the Provisions of the … not a depreciable asset, hence the consideration attributable to land will give rise to long-term capital gains under Section 45 of the Act and the consideration attributable to the depreciable assets will give rise to deemed short-term capital

Ece Industries Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2007)111TTJ(Delhi)11

statute to provide for such computation provisions which has been removed by insertion of Section 50B by the Finance Act, 1999 w.e.f. 1st April, 2000 and this provision being a substantive one is not retrospective in operation. To the … the 'slump sale' of its Sonepat Unit as a going concern gave rise to capital gain/capital loss under Section 45 of the above Act. In this connection, she failed to consider the following assertions of the appellant: (a)

The Commissioner of Income Tax Vs. M/S Prakash Electric Company

Court : Karnataka

Subject : Direct Taxation

Vs. M/s Prakash Electric Company 13/30 of Section 47 of the Act is a beneficial provision introduced by Finance Act, 1998 with effect from 01.04.1999 to encourage corporatisation in the business world and to avoid levy of taxation … M/s Prakash Electric Company 10/30 from the transfer of such capital asset or intangible asset not charged under section 45 by virtue of conditions laid down in the proviso to clause (xiii) or the proviso to clause (xiv)